Nigeria's Oil Refinery Boosts Dangote's Wealth to Almost $28 Billion
18:50 19.10.2024 (Updated: 13:07 21.10.2024)
© AP Photo / Sunday Alamba
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Aliko Dangote's Dangote refinery in Nigeria, the largest on the continent, began producing petrol on September 3, providing a potential solution for the oil-rich country's fuel shortages.
Aliko Dangote, Africa's richest man, saw his wealth soar to $27.8 billion following the launch of his massive new oil refinery in Nigeria, according to the Bloomberg Billionaires Index. The Dangote Refinery, the world's largest single-train refinery, reportedly has the potential to transform Nigeria's economy by making it self-sufficient in fuel.
However, the 11-year, $20 billion project, which Aliko Dangote, Africa's richest man, financed largely himself, faced numerous obstacles: land disputes, local resistance, delays caused by the COVID-19 pandemic, and significant engineering challenges, according to the billionaire.
"The pressure was coming from different directions, people confusing us, disturbing us every day with different media stories that it will never work, it will never work, it will never work," he told the outlet in an interview.
Dangote's business operates with 80% of its transactions in dollars, he said, adding that he expects his company to become a major supplier of US currency to Nigeria in the coming year.
